PIRAEUS PORT AUTHORITY SA
Annual Financial Report for the financial year 2009
The Board of Directors of P.P.A. S.A. on 29/3/2010 approved the Companys' Annual Financial Report for the financial year 2009. From the Report, the following arise:
1. The Company's turnover amounted to €128,48mil, presenting an increase of 10.72% against €116.04 mil. in the relevant period of 2008. Specifically the revenues are analyzed as follows:
A.Container Terminal revenues from stevedoring operations and storage amounted to €55.12 mil. The appeared reduction is not real as it is attributed to the reduced period of operation (nine months) of the Terminal against a 12 month operational period of €55,17mil for 2008. Therefore the amounts are not comparable since during the last quarter of the year 2009 stevedoring and storage operations were realized on behalf of a third party and are recorded in another line. (Revenues from the Concession Agreement).
B. A significant reduction of 35% is recorded in the revenues from the Car Terminal sector which is heavily hit by the recession. In particular a reduction by 23.1% was recorded in the number of imported vehicles, while a 68.7% reduction is recorded in transhipped vehicles destined mainly to the Black Sea countries that are seriously affected by the crisis. The bulk and conventional cargo is reduced by 40% which in any case presents a long term downward trend as it is progressively substituted from the containers as a means of transport.
C. In the remaining activities a 9.4% increase in revenue is recorded, attributed to the increased number of vessels that arrive for repairs and maintenance in the Ship-Repair Zone, strengthening significantly revenues from dry docks and other services to ships. It is noted that revenues for the reported period from passenger traffic are in the same level with the relevant period of 2008 (€10.30mill. against €10.49mill. the relevant period of 2008).
D. The contract of concession of use and operation rights of Piers II and III between P.P.A SA and Cosco Pacific Ltd which entered into force on 1/10/2009 created revenue of €16.73 mil.
2. Other operating revenues of the period amounted to €11.58mill against €7.10mil in 2008, and are analyzed as follows: Rental income increased by 8.75%, amounting to €5.74 mil. against €5.27 mil. in the financial year of 2008. Revenues from the sale of spare parts, supplies and consumables amounted to €2.93mill. Extraordinary and non-operating revenues amounted to €2.91mill. against €1.83 mill. in 2008.
3. Total operating expenses for the period, excluding formed provisions, consumptions and depreciations amounted to €110.49mil. against €99.59 mill in 2008 presenting an increase of 10.95%. This increase is attributable to personnel payroll as other operational expenses are reduced by 10.73%. It is noted that the increased personnel payroll results from increases provided through the Collective Employee Agreement for the years 2008-2009, the increased Social Security costs resulting from increases in the highest insurance class and the reduced payroll in the same period of 2008 due to personnel mobilizations, reduced cargo throughput and the abstention of personnel from overtime and weekend work.
4. Consumption of spares and consumables amounted to €3.12mil. in 2009 against €2.77mil in the relevant period of 2008. The increase derives mainly from fuel consumption due to the increased operations of the Container Terminal and the consumption of spare parts and materials for machinery maintenance and improvements. Moreover spares and consumables of a cost of €2.93mil. were sold to P.C.T. SA.
5. Asset depreciation incorporated in the operational cost increased by 1.78%, amounting to €10.41mil. against €10.24mil. in the relevant period of 2008.
6. Operating provisions for the reported period amounted to €6,56mil. against €237.237 in 2008. The increase is attributed to provisions for staff indemnities leaving service , amounting to €4.78mil. - following the increase of the provided amount by €10.000 - on one hand and the provision of €1.78mil. for doubtful debts on the other.
7. Remaining expenses (extraordinary and non-operating) amounted to €45.64mil. against €2.17mil. in 2008. Remaining expenses include the voluntary retirement programme cost and incentives for personnel retirement, provisions relating to law disputes, losses from fixed assets impairment, compensation to third parties, etc.
8. Net financial result (losses) before taxes for the period amounts to €38.25mil. against profits of €8.91mil. in the respective period of 2008, while losses after current and deferred taxes amount to €33.56mil., against profits of €5.59mil. in the relevant period of 2008.
9. Cash and cash equivalents on 31/12/2009 amounted to €33.27mil. against €41.60 mil. on 31/12/2008
1. The Company's turnover amounted to €128,48mil, presenting an increase of 10.72% against €116.04 mil. in the relevant period of 2008. Specifically the revenues are analyzed as follows:
A.Container Terminal revenues from stevedoring operations and storage amounted to €55.12 mil. The appeared reduction is not real as it is attributed to the reduced period of operation (nine months) of the Terminal against a 12 month operational period of €55,17mil for 2008. Therefore the amounts are not comparable since during the last quarter of the year 2009 stevedoring and storage operations were realized on behalf of a third party and are recorded in another line. (Revenues from the Concession Agreement).
B. A significant reduction of 35% is recorded in the revenues from the Car Terminal sector which is heavily hit by the recession. In particular a reduction by 23.1% was recorded in the number of imported vehicles, while a 68.7% reduction is recorded in transhipped vehicles destined mainly to the Black Sea countries that are seriously affected by the crisis. The bulk and conventional cargo is reduced by 40% which in any case presents a long term downward trend as it is progressively substituted from the containers as a means of transport.
C. In the remaining activities a 9.4% increase in revenue is recorded, attributed to the increased number of vessels that arrive for repairs and maintenance in the Ship-Repair Zone, strengthening significantly revenues from dry docks and other services to ships. It is noted that revenues for the reported period from passenger traffic are in the same level with the relevant period of 2008 (€10.30mill. against €10.49mill. the relevant period of 2008).
D. The contract of concession of use and operation rights of Piers II and III between P.P.A SA and Cosco Pacific Ltd which entered into force on 1/10/2009 created revenue of €16.73 mil.
2. Other operating revenues of the period amounted to €11.58mill against €7.10mil in 2008, and are analyzed as follows: Rental income increased by 8.75%, amounting to €5.74 mil. against €5.27 mil. in the financial year of 2008. Revenues from the sale of spare parts, supplies and consumables amounted to €2.93mill. Extraordinary and non-operating revenues amounted to €2.91mill. against €1.83 mill. in 2008.
3. Total operating expenses for the period, excluding formed provisions, consumptions and depreciations amounted to €110.49mil. against €99.59 mill in 2008 presenting an increase of 10.95%. This increase is attributable to personnel payroll as other operational expenses are reduced by 10.73%. It is noted that the increased personnel payroll results from increases provided through the Collective Employee Agreement for the years 2008-2009, the increased Social Security costs resulting from increases in the highest insurance class and the reduced payroll in the same period of 2008 due to personnel mobilizations, reduced cargo throughput and the abstention of personnel from overtime and weekend work.
4. Consumption of spares and consumables amounted to €3.12mil. in 2009 against €2.77mil in the relevant period of 2008. The increase derives mainly from fuel consumption due to the increased operations of the Container Terminal and the consumption of spare parts and materials for machinery maintenance and improvements. Moreover spares and consumables of a cost of €2.93mil. were sold to P.C.T. SA.
5. Asset depreciation incorporated in the operational cost increased by 1.78%, amounting to €10.41mil. against €10.24mil. in the relevant period of 2008.
6. Operating provisions for the reported period amounted to €6,56mil. against €237.237 in 2008. The increase is attributed to provisions for staff indemnities leaving service , amounting to €4.78mil. - following the increase of the provided amount by €10.000 - on one hand and the provision of €1.78mil. for doubtful debts on the other.
7. Remaining expenses (extraordinary and non-operating) amounted to €45.64mil. against €2.17mil. in 2008. Remaining expenses include the voluntary retirement programme cost and incentives for personnel retirement, provisions relating to law disputes, losses from fixed assets impairment, compensation to third parties, etc.
8. Net financial result (losses) before taxes for the period amounts to €38.25mil. against profits of €8.91mil. in the respective period of 2008, while losses after current and deferred taxes amount to €33.56mil., against profits of €5.59mil. in the relevant period of 2008.
9. Cash and cash equivalents on 31/12/2009 amounted to €33.27mil. against €41.60 mil. on 31/12/2008